MONTE CARLO, MONACO–Reinsurance prices should continue their decline next year, the chief executive of a leading reinsurance brokerage said here.

Peter Zaffino, Guy Carpenter president and chief executive officer, said Saturday at a press conference that barring a major catastrophe, the reinsurance market is in “pretty good shape” but faces challenges, including more disciplined underwriting and the mortgage market crisis.

Speaking at the annual Reinsurance Rendez-vous de Septembre, Mr. Zaffino said the firm expects “to see price decreases in 2009.” He added that “capital is plentiful, balance sheets are strong, and there's been a consistent approach to risk over the last couple of years. People are in very good shape.”

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